Officials from the Port Authority and the City of Newark
today unveiled the first sign featuring the new Newark Liberty International
Airport name and formalized the agreement that extends the Port Authority’s
lease on the city’s airport and seaport to 2065.

Newark Mayor Sharpe James and Port Authority Deputy Executive Director Michael
R. DeCotiis today signed a proclamation formalizing the lease agreement and
unveiled the first sign with the airport’s new name during a ceremony at the
airport’s International Arrivals Hall in Terminal B. The long-term lease will
help ensure the continued success of the facilities by allowing the Port
Authority to continue to plan future investments to improve service, provide
jobs and to help strengthen the region’s economy.

New Jersey Governor James E. McGreevey said, “Newark Liberty International
Airport and the Port of Newark are two of the most important economic engines in
this region. This lease extension provides the long-term stability needed to
ensure that they continue to thrive, generating revenue and providing jobs for
our people. And with a finalized lease agreement that benefits all parties, we
also fulfill a promise to rename our historic international airport to honor all
the heroes who have defended our liberty through the years, especially the
heroes of September 11.”

Port Authority Chairman Jack G. Sinagra said, “The extended lease is fair and
equitable and will ensure the long-term success of the airport and seaport,
which will help the Port Authority plan future investments, improve service and
strengthen the region’s economy and quality of life for our citizens. The Port
Authority is also proud that a new name for the airport – Newark Liberty
International Airport – was established as part of this agreement to honor the
heroes who have fought to protect our freedom and the heroes of September 11,
and to underscore Newark’s strength and leadership in this region.”

Newark Mayor James said, “Today marks the beginning of a new era for the City of
Newark and The Port Authority of New York and New Jersey. With the signing of
the new lease for Newark Liberty International Airport and the Newark seaport,
we are creating an economic engine that will change the face and economy of our
region. This accord will enable the Port Authority to continue to move ahead
with investment and development programs at the airport and seaport that will
strengthen their role as international transportation centers. We are proud that
Newark Liberty International Airport will be a permanent memorial to the brave
men and women who lost their lives on September 11, 2001.”

Newark City Council President Donald Bradley said, “I congratulate the Port
Authority, Mayor Sharpe James and their teams on reaching this lease agreement
that received support from the majority of the City Council members. We all
recognize the importance of Newark’s airport and seaport to the region’s future
and have worked to achieve our mutual common goals of a prosperous Newark. We
can now move ahead with development projects that will bring jobs and
opportunities to all of our residents.”

Port Authority Executive Director Joseph J. Seymour said, “The lease extension
renews our commitment to the people of this region and to the city of Newark,
and we look forward to continuing our tradition of providing first-class
services that will keep these facilities strong for decades to come.”

Port Authority Deputy Executive Director Michael R. DeCotiis said, “Moving
forward, partnership is going to be the key to our success as we make sure that
the airport and seaport continue to be an important part of this region’s
transportation network and future economic success. The Port Authority
understands that and it will be a top priority of this agency to work with the
city to achieve our shared goals for the future of the airport and seaport.”

The airport’s investment program includes $3.8 billion worth of public and
private redevelopment projects, including new construction and expansion of
existing facilities across the airport. Major projects include expanded
terminals, runway and taxiway improvements, a new roadway system, new parking
garages, a new air traffic control tower and the successful AirTrain Newark
airport rail link, which began service in October 2001.

Port Newark is a key component of the Port of New York and New Jersey, which is
the leading destination for international shippers on the East Coast. New
Jersey’s marine terminals now support 226,000 jobs in New Jersey and contributes
more than $25 billion annually to the region's economic activity. The Port
Newark Container Terminal, the Port Authority's private-sector partner at Port
Newark, last month completed a $175 million redevelopment of its terminal,
including new modern cranes.

Major provisions of the airport/seaport lease include:

• Extension of the lease until 2065. The previous lease expires in 2031.

• A combined payment for the airport and the seaport of $100 million in the
first year, and annual combined lease payments of approximately $65 million in
years two through five. In addition, the City will receive $12.5 million per
year until 2036 that will be used to capitalize projects in the City and $3
million per year in supplemental rent.

• Escalation of rent payments every five years in proportion to the growth in
airport and seaport revenues. Payments will be at least $65 million annually.

• The City of Newark will discontinue major elements of its pending arbitration
and litigation.

• The City will designate an Airport Administrator, who shall be a City
employee, who will meet on a regular basis with the Airport Manager to review
operational and financial issues and the Port Authority’s progress in
implementing the airport’s capital plan.

The Port Authority of New York and New Jersey operates some of the busiest and
most important transportation links in the region. They include John F. Kennedy
International, Newark Liberty International, LaGuardia and Teterboro airports;
the George Washington Bridge; the Lincoln and Holland tunnels; the three bridges
between Staten Island and New Jersey; the PATH rapid-transit system; the
Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine
Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn
Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in
midtown Manhattan. The agency is financially self-supporting and receives no tax
revenue from either state.